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Amateur Sports Development at Bojangles Coliseum & Ovens Auditorium June 5, 2014 Economic Development & Global Competitiveness Committee.

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Presentation on theme: "Amateur Sports Development at Bojangles Coliseum & Ovens Auditorium June 5, 2014 Economic Development & Global Competitiveness Committee."— Presentation transcript:

1 Amateur Sports Development at Bojangles Coliseum & Ovens Auditorium June 5, 2014 Economic Development & Global Competitiveness Committee

2 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium Policy Framework & Project Goals Conceptual Site Plan and Schedule Financial Framework and Business Terms Next Steps Presentation Overview 2

3 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium Policy Framework Since FY11, amateur sports has been a Council priority. The FY13 and FY14 Economic Development Focus Area Plans, include the following initiative: Develop a new public/private model for adding amateur sports facilities in the Region. Approved FY15 Economic Development & Global Competitiveness Focus Area Plan includes the following initiative: Implement the Bojangles/Ovens Redevelopment Plan. Council allocated $25 million in the Community Investment Plan toward this initiative 3

4 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium Project Goals Revitalize Independence Boulevard and East Charlotte. Provide an indoor sports and recreation facility to meet market demand. Develop a financially viable project leveraging private-sector funding sources. Provide new employment opportunities. Support the recreational needs of the community. 4

5 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium Project Goals Support the regional hospitality and tourism industry. Maximize use of the City land and existing public assembly facilities. Provide an iconic “gateway” to Independence Boulevard. Expand the State and local property sales tax base. 5

6 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium About GoodSports An affiliate of Focus Enterprises, a development, construction and management company specializing in hotels, water parks, and sports recreation facilities. 35 years of development and management experience. Built and operated over 54 hotels, resorts and entertainment properties. Developed a “GoodSports Village” concept which pairs amateur sports related facilities with a hotel. Projects underway in Ohio, Kansas, Indiana and Missouri. 6

7 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium The Concept 150 hotel rooms 5,300 s.f. retail/restaurant space 7,000 s.f. office space –Potential CIAA Headquarters 100,000 s.f. field house –Fitness center –Running track –Golf academy –Camps and clinics –Local league play –Regional and national tournaments 7

8 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium Existing Conditions 8

9 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium Existing Conditions 9

10 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium 15 10

11 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium 15 10

12 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium 15 10

13 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium 15 11

14 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium 15 11

15 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium 15 12

16 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium Funding Sources GoodSports Complex Development Coliseum Renovation Source of Funds Private Funding CIP FundingHospitality Funding Total Original CIP Scenario $25M (42%) $25M (42%) $10M (16%) $60M Current Framework $39.7M (51%) $25M (33%) $12M (16%) $76.7M 13

17 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium Project Budget CityGoodSportsTotal Purchase & Demolition - Econo Lodge $ 3,600,000 Site surveying/engineering $ 100,000 Hotel rooms $ 14,000,000 Fieldhouse/wellness center 8 courts $ 6,175,000 $ 6,825,000 $ 13,000,000 Retail & Office Development $ 2,500,000 Building pad grading/preparation $ 2,500,000 GoodSports soft costs $ 12,000,000 Sub-level parking 150 spaces $ 1,875,000 Sub-level parking 450 spaces $ 5,625,000 Existing parking lot improvements $ 2,500,000 East lot parking (Econo Lodge) $ 6,000,000 $ - Sub-total - construction project $ 24,000,000 $ 39,700,000 $ 63,700,000 Reserve off-site transportation cost $ 1,000,000 Total $ 25,000,000 $ 39,700,000 $ 64,700,000

18 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium The project includes $12M in needed improvements to Bojangles Coliseum, including: –Storm drainage system –Roof repairs and other exterior modifications –Mechanical and electrical system upgrades –New seating –Scoreboard/sound system/marquee –Storage space –Food service and locker room facilities Funding would come from existing hospitality taxes, and not property taxes. 15 Coliseum Renovation

19 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium GoodSports will operate and manage the Fieldhouse, hotel and retail spaces. The CRVA will operate and manage the coliseum, auditorium and public parking. The City’s participation is limited to gap financing and/or an ownership interest up to a maximum of $25M (which includes the Econo Lodge acquisition & demolition). GoodSports will be responsible for any cost overruns for the GoodSports Facility and all on-site improvements. City funds are payable to GoodSports in two installments: –Up to $6M at completion of surface parking at the Econo Lodge site. –Up to $15.3M upon completion of the entire project. Business Terms 16

20 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium GoodSports will lease 8 acres of City- owned land for $1 annually for 25 years with renewal options. The CRVA will retain net parking revenues from all parking spaces, except those in use by GoodSports on non-CRVA event days. CRVA and GoodSports will jointly market the facilities to maximize utilization. A performance bond will be in place to guarantee completion of the project construction. Provisions in the event of default by GoodSports after the facilities are open are being negotiated. Business Terms 17

21 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium Next Steps Scheduled Filing for Rezoning June 23, 2014 Next Council Committee Meeting June 19, 2014 Council Approval of Business Framework July 28, 2014 Community Meeting(s) July/August 2014 Rezoning Public Hearing September 15, 2014 Council Approval for Rezoning October 20,

22 Amateur Sports Development At Bojangles’ Coliseum and Ovens Auditorium Additional Information to come: Economic Impact Analysis of the project List of comparable indoor amateur sports facilities 19


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